what is kotak e-term plan

Kotak e-Term Plan

Kotak e-Term Plan is a pure risk cover term insurance plan. Under this plan, the insured person can secure the financial future of his family members. In case of accidental death of the life assured during the policy term, the sum assured is provided as death benefit to the nominee by the life assured.

This term insurance plan offers you maximum life coverage at the lowest premium. Also, this term plan is available to you in three options such as Life Option, Life Plus Option and Life Secure Option. You can choose any of these as per your requirement.

In this term plan you get 3 pay out option. Another special feature of this term insurance plan is that you can increase or decrease your term plan coverage at different stages of life.

Features Of Kotak E-Term Plan

Features of Kotak e-Term Plan are as follows-

  1. Low Cost Insurance:

Kotak e-Term Plan offers you maximum life coverage at minimum premium. If your budget is less then you can get term plan coverage through Kotak e-Term Plan. Providing maximum term coverage at affordable premiums is one of its salient features.

  1. Multiple Plan Option:

Kotak e-Term plan is available to you in multiple plan options. In this you get the following three plan options-

(i) Life Option
In life option, you are provided 100% Sum Assured as death benefit.

(ii) Life Plus Option
In the Life Plus option, along with the death benefit, you are also provided with the benefit of accidental death benefit. Accidental death benefit can be up to a maximum of ₹ 1 crore.

(iii) Life Secure Option
In the Life Secure option, if you become disabled in an accident, all your future premiums are waived off.

  1. Three Payout Option:

You get 3 Payout Option in Kotak E-Term Plan. You get the following options-

  • Immediate Payout
  • Level Recurring Payout
  • Increasing Recurring Payout
  1. Step Up/Down Option:

Kotak e-Term Plan also gives you the option of increasing or decreasing your term insurance coverage as per different stages of life. This is quite a unique feature through which Kotak e-Term Plan is quite popular.

what is kotak e-term plan

Kotak E-Term Plan Benefits

The benefits of Kotak e-Term Plan are as follows-

  1. Death Benefit:

In Kotak e-Term plan, if the life assured dies during the policy term, a minimum death benefit of Rs 25 lakh is provided to the nominee by the life assured. There is no cap on the maximum death benefit. It depends on the insurance company.

  1. Maturity Benefits:

Kotak e-Term Plan is a type of term insurance plan. Therefore, you are not provided any kind of maturity benefit in this. If the life assured survives till the completion of the policy term then no benefit is paid to the life assured.

  1. Riders:

Kotak E-Term Plan gives you the option to further enhance the coverage of your Kotak E-Term Plan by adding riders. In this you get the option of adding two riders.

You can add the following riders in Kotak term plan-

  • Kotak Permanent Disability Benefit Rider
  • Kotak Critical Illness Plus Benefit Rider
  1. Tax Benefits:

In Kotak e-Term plan, you are also provided with tax benefits under the Indian Income Tax Law. In this, you are eligible for tax benefit on the premium paid under section 80C and death benefit under section 10(10D) of the Income Tax Act, 1961.

Kotak E-Term Plan Eligibility

Eligibility for Kotak e-Term Plan is as follows-

Entry AgeMinimum: 18 years

Maximum: 65 years (Except for Limited Pay – “Pay till 60 Years”) 50 Years (For Limited Pay – “Pay till 60 Years”)  
Maturity AgeMinimum – 23 years Maximum – 75 years  
Basic Sum AssuredMinimum – Rs 25, 00,000 Maximum – No limit, Subject to Underwriting. However Accidental Death   Benefit payable under Life Plus Option shall be subject to a maximum of Rs 1 Crore  
Premium Payment Term (PPT)Regular Pay: Equal to Policy Term Limited Pay: 5 / 7 / 10/ 15 pay Single Pay: Single payment  
PremiumMinimum – Will be determined based on the Age, Gender & Lifestyle (Tobacco / Non-Tobacco user) of the Life Insured along with Plan Option, Payout Option, Policy Term, Premium Payment Term and the Basic Sum Assured opted for the policy   Maximum – No limit but subject to underwriting consideration  
Premium Payment OptionRegular, Limited & Single Pay

Documents Required For Kotak E-Term Plan 

The documents required for Kotak e-Term Plan are as follows-

  • filled application form 
  • passport size photo 
  • age proof 
  • address proof 
  • identity proof 
  • Income ratio 

Kotak E-Term Plan Premium

In Kotak e-Term Plan, you get regular, limited and single payment options as premium payment options. Under Regular Pay, the premium payment time is equal to the policy term. While in limited payment you get the option of 5, 7, 10, 15 payments. In single payment, you have to pay a lump sum amount. You can choose any payment option as per your convenience. 

How To Buy Kotak E-Term Plan?

Buying Kotak e-Term Plan is easy. You can buy this plan only through online medium. To buy Kotak e-Term plan online, you need to visit the official website of Kotak Life. There you can buy Kotak e-Term plan online by going to the term insurance plans section. 

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